The smaller the deficit becomes, the harder it will be for the Conservatives to make it the defining economic issue. Labour can continue to shift the debate to living standards.
Labour leader says Cameron has gone from "hug a hoodie" to "wear a hoodie" after Downing Street suggests consumers should consider wearing jumpers to reduce their energy bills.
While Romney led on managing the economy and reducing the deficit, Obama led on living standards. Labour believes the latter is the key to victory in 2015.
The One Nation group will seek to "outride" for the Labour leader's ideas and demonstrate that the party has moved into a post-Blairite/Brownite era.
Miliband's net satisfaction rating rises by 23 points in the latest Ipsos MORI poll but the Tories are now tied with Labour on 35%.
Should Cameron's party oppose the levy, Labour will accuse it of again siding with predatory companies against struggling consumers.
We are about to discover whether Miliband is, as he believes, the first Labour leader of a new era or, as his critics suspect, the last leader of the era now ending.
While restricting current spending, the party should promise to invest the proceeds of growth into future-facing areas like skills, childcare and infrastructure.
Rather than trying to outflank the Tories, the party needs to think harder about how to create a greater sense of collective identity and solidarity.
Rather than dismissing the idea as another burden on business, Conservatives should recognise it as an attempt to strengthen the family.